Investor Lawyers Blog

Centaurus Financial & JP Turner Brokers Including Cindy Chiellini, Atul Makharia and Greg Scott Young Targeted South Carolina & Tennessee Retirees in Structured Products Scam

Published on: June 12, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Accused of Defrauding Plant Workers, Including Retirees

Centaurus Financial advisor Ricky Mantei (Mantei Group), formerly a JP Turner stockbroker, is alleged to have been the mastermind behind a large enterprise that spanned four offices in two states and resulted in the retirement savings of many unsuspecting investors being lost.

Mantei is now named in 35 customer disputes. The majority, 30 of these broker fraud complaints, were filed over the last two years and many of them are still pending. Most of the complaints filed in the last two years accuse Mantei of heading up a one size fits all investment fraud that overconcentrated customers’ accounts in structured products and other risky, illiquid, and speculative investments. Many of his alleged victims were retirees, including plant workers in South Carolina and Tennessee.

Elderly Retiree Claims Sheppard Mosher advisor Jason Mosher Overconcentrated His IRA With GPB Private Placements

Published on: June 11, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Investor Sues Kalos Capital Over GPB Capital Losses

A widower retiree in his eighties is suing Kalos Capital for losses he suffered in GPB Capital Holdings’ private placements and other risky investments that were recommended to him by Kalos broker, Jason Mosher.

The claimant contends that Mosher, who operates his business under the name Sheppard Mosher but is an employee of Kalos, overconcentrated his IRA in GPB investments and other risky securities including private Real Estate Investment Trusts (REITs) and privately traded securities. Now, this elderly investor is seeking up to $500K in damages.

Retiree Couple’s UBS YES Strategy Lawsuit Seeks Up to $1M in Damages and Losses

Published on: June 10, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Claimants Lose Retirement Funds in Complex Options Trading Strategy

A retired couple is suing UBS Financial Services (UBS) after they sustained at least $800,000 in losses from investing in the firm’s Yield Enhancement Strategy (YES).

The investors contend that their UBS broker made misrepresentations and omissions when recommending this unsuitable investment strategy to them and discouraged them from leaving the YES program even as their losses mounted. Now, the investors are seeking up to $1,000,000 in damages, losses, and other costs.

Shepherd Smith Edwards & Kantas Investigates Financial Advisors That Recommended AMLP and Other Oil & Gas Master Limited Partnerships

Published on: June 9, 2020 | by Shepherd Smith Edwards & Kantas, LLP

SSEK Investigating Financial Advisor That Recommended Unsuitable MLPs To Investors

Shepherd, Smith, Edwards & Kantas, a law firm specializing in representing wronged investors, is looking into allegations against financial advisors that concentrated their clients in Alerian MLP ETF (“AMLP”) and other oil & gas related master limited partnerships (“MLPs”) amid the significant downturn in oil prices since February.

What Is The AMLP Fund?

Retiree Sues Kovack Securities and Its Broker Susan Penney Over Investment Losses

Published on: June 8, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Elderly Investor Alleges Unsuitable Investment Recommendations Caused REIT Losses

An Oklahoma retiree is seeking up to $500K in damages for investment losses she suffered while working with Kovack Securities broker, Susan Penney.

The claimant contends that Penney and the broker-dealer misled her and made unsuitable recommendations when they persuaded her to invest a huge portion of her portfolio in non-public Real Estate Investment Trusts (REITs) and other risky investments that an inexperienced investor like her should never have been involved in.

SunTrust Investment Services to Pay $634K For Alleged Inadequate Supervision Of Unsuitable ETF Sales Practices

Published on: June 5, 2020 | by Shepherd Smith Edwards & Kantas, LLP

FINRA Accuses SunTrust Investment Services of Failing to Properly Supervise Brokers

The Financial Industry Regulatory Authority (FINRA) has ordered SunTrust to pay $634K to settle charges accusing the broker-dealer of not properly supervising 17 of its brokers when they recommended that customers hold non-traditional exchange-traded funds (ETFs) for long periods–a practice that can lead to losses especially when there is market volatility.

Of this settlement, $50K is a fine and $584,466 is restitution. SunTrust Investment Services, which is owned by Trust Bank, agreed to the sanctions but without denying or admitting to the self-regulatory organization’s (SRO’s) findings.

Barred Wells Fargo Broker Named in Unsuitable Investment Fraud Case Recently Settled for $995K

Published on: June 3, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Fired Wells Fargo Representative is Barred by FINRA

The Financial Industry Regulatory Authority (FINRA) announced this month that it is barring former Wells Fargo Advisors Financial Network broker, Leonard Charles Kinsman, from the industry.

The ban comes after Kinsman refused to testify in the self-regulatory organization’s (SRO’s) probe into his firing by Wells Fargo (WFC) for allegedly “unprofessional conduct.” Kinsman was named last year in an investor fraud claim accusing him of making unsuitable investment recommendations and forging and falsifying business records. That customer dispute has now been settled for $995K.

Massachusetts Sues GPB Capital Holdings for Defrauding Investors of Over $14M

Published on: June 2, 2020 | by Shepherd Smith Edwards & Kantas, LLP

State Securities Regulator Claims GPB Capital Defrauded 180 Local Investors

Massachusetts Secretary of the Commonwealth, William Galvin, has filed a civil fraud lawsuit against GPB Capital Holdings accusing it of defrauding 180 local investors who purchased more than $14M of private placements in five of the GPB funds.

The alternative asset firm, which acquires waste management operations and auto dealerships, has been accused of operating a more than $1.5B Ponzi scam.

UBS YES Strategy Investors Say They Were Promised Low Risks But Suffered Huge Losses

Published on: June 1, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Investors Claim UBS YES Strategy Was Mismarketed To Them: SEC Looking Into the Allegations

If you are an investor whose UBS broker recommended that you employ the UBS YES (Yield Enhancement Strategy) and you’ve since suffered significant losses, you may have grounds for an investment fraud claim.

Unfortunately, UBS and its registered representatives may have been making unsuitable recommendations of this complex investment strategy to customers, as well as misrepresenting the risks involved.

Investor Sues Kestra Investment Services For IRA Losses Involving Barred Broker James Daughtry

Published on: May 29, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Alabama Retiree Lost Retirement Savings To Broker Fraud and Negligence

An investor in Alabama has filed a Financial Industry Regulatory Authority (FINRA) arbitration complaint against Kestra Investment Services, Inc. for retirement losses that she suffered while working with the now-former broker, James Daughtry.

The firm fired Daughtry earlier this year around the same time that FINRA barred him indefinitely after he refused to testify in the self-regulatory (SRO)’s probe into allegations that he engaged in potentially fraudulent and unauthorized transactions in customers’ accounts.